Credit Manager
Credit managers are responsible for issuing lines of credit and protecting a company’s assets by adequately investigating and assessing the credit worthiness of current and potential customers. These managers have the authority to accept or reject applications for credit by examining and verifying the information provided on customer applications, credit reports, and financial documents. He or she determines the likelihood of repayment, as well as overall risk.
Credit managers compile data from various sources including local, state, federal agencies, while adhering to company protocol and following all legal and ethical practices. These professional may establish credit guidelines, requirements, and repayment schedules. He or she must stay up to date on existing and pending credit laws and legislations and is responsible for clearly explaining all guidelines, as well as ensuring credit policies are up to date. Credit managers maintain a staff and are required to hire, properly train, schedule, and supervise all staff members.
Due to the large amount of personal information collected, credit managers must abide by confidentiality laws and ensure all staff members maintain customer confidence.
Credit managers should have previous management experience and at least two years of specific on the job training. Prior experience with staffing, financial planning, and legal compliance is highly recommended. This industry is currently expanding and has a projected growth rate of about 12.6%.
The typical average salary of an experienced credit manager is about $75,190 per year. Starting salaries pay an average of about $57,500 per year.
